Introduction
The following is taken from the School’s re-accreditation report written for EQUIS in March
2009 and acts as a good introduction to the Business School. The full report is available.
1.2
The Environment
Imperial College Business School is the Business School of Imperial College London.
Imperial College London is an independent institution awarding its own degrees. The
Business School exists as a self-standing, primarily post-graduate Business School which
offers:
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Post-experience MBA programmes and tailored executive education programmes
Post-graduate Masters programmes
A Doctoral programme
Contributions to undergraduate education at Imperial College
1.2.1
Institutional Background: The UK University System
The oldest UK universities were founded in the thirteenth century. England had two ‘ancient’
universities: Oxford and Cambridge. London University was created in 1836. The early
twentieth century saw the establishment of universities in a number of major industrial cities.
These were augmented by the foundation of a set of new universities in the 1960s to meet
government plans to expand access to higher education. In 1992 a further group of –
historically regionally based – institutions which had been providing degree-level
programmes were enabled to title themselves as universities. These have since been joined
by a number of other regionally based institutions. There are now some 159 university
institutions in the UK. There is substantial variation in their missions and standards.
All British Universities are established by Royal Charter as autonomous, self-governing,
charitable institutions. This means that each institution awards its own degrees and is
responsible for its own governance. British universities are also public institutions primarily
funded by the state. There is only one private university.
Until 1982 British universities were funded on a 5-year cycle of block grants from the
University Grants Commission and not encouraged to generate income in addition to their
block grant. This system ended in the early 1980s in the face of a funding crisis and
substantial cuts in the level of funding provided to individual institutions.
Since then, universities have been funded under a complex system which, from the late
1990s, partly reflects the strength of their research. Funding for English Universities is
allocated by the Higher Education Funding Council for England (HEFCE), a body created in
1992. The present government is committed to increasing the level of participation in higher
education, but this commitment to an expansion of numbers has not been accompanied by a
concomitant increase in funding levels. The English system is struggling to teach more
students, with fewer resources per student. Hence universities have sought to supplement
their income by raising funds from other sources, with differing degrees of success.
Individual universities select students, primarily on the basis of performance in public
examinations. (In the UK this consists of the General Certificate of Education: Advanced
Level or A-levels. Other countries have equivalent systems.) Entry is competitive and the
best universities attract the best students. For example, A-levels are graded A to F and the
best universities will expect students to achieve grades A and B. Undergraduate applications
to universities are managed centrally by the Universities and Colleges Advisory Service
(UCAS). Entry to post-graduate degrees (MSc and PhD) is normally based on first degree
performance, although this may be relaxed for post-experience programmes such as MBAs.
There is currently no centralised UK admissions process for post-graduate programmes.
Undergraduate students are now expected to pay a contribution to their tuition fees and for
their accommodation and living expenses. Loans are available to offset part of the cost.
Some public funding is available for specialist Masters and Doctoral degrees (more so
science and technology than in the social sciences and humanities) but the majority of
students have to self-fund their post-graduate education or be awarded scholarships.
1.3
1.3.1
Imperial College London
Background
Imperial College was created as a constituent College of the University of London in 1907
from the merger of a number of pre-existing institutions (the Royal School of Mines, the City
and Guilds College and the Royal College of Science). In 1988 it began a series of mergers
which led to the creation of the Faculty of Medicine and one of Europe’s largest medical
schools. The institutions included in this merger were St. Mary’s Hospital Medical School
(1988); Charing Cross and Westminster Medical School and the National Heart and Lung
Institute (1993); the Royal Post-Graduate Medical School (1999) and, most recently, the
Kennedy Institute of Rheumatology (2000). Wye College, based in Wye, Kent was previously
the agricultural college of the University. At its initiative it merged with Imperial College in
2000.
Imperial College always occupied a special position within the University. As a leading
college of science and technology it was subject to direct funding from the government from
the 1970s until the 1990s when all London colleges began to receive direct funding.
Internally, discussions had been underway for some years about whether or not to remain
within the federation of the University of London since the College was responsible for its
own governance and for the management of all degrees except the examination
arrangements for doctoral degrees. These discussions led to the College applying to the
Privy Council (the UK government body which oversees Chartered Bodies such as
universities) for permission to award its own degrees. This power was granted in 1998.
In 2005 the Council of Imperial College gave notice that from the date of the College
Centenary in July 2007 it would withdraw from the University of London and become a fully
independent institution. The Queen visited the College in July 2007 to present us with our
new Charter and we have been independent since that date.
1.3.2
Imperial College Mission
Imperial College embodies and delivers world class scholarship, education and
research in science, engineering, medicine and business, with particular regard to
their application in industry, commerce and healthcare. We foster interdisciplinary
working internally and collaborate widely externally.
The College mission statement was changed in Autumn 2008 to incorporate the word
‘business’. This confirms the greater esteem in which the School is now held. Changes since
2003 (described below) are beginning to bear fruit.
1.3.3
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Imperial College Strategic Intent
To remain amongst the top tier of scientific, engineering and medical research and
teaching institutions in the world.
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1.3.4
To develop our range of academic activities to meet the changing needs of society,
industry and healthcare.
To continue to attract and develop the most able students and staff worldwide.
To communicate widely the significance of science in general, and the purpose and
ultimate benefits of our activities in particular.
Imperial College Degrees
The College offers undergraduate and post-graduate degrees in science, engineering and
medicine. It does not regard it as part of its mission to offer undergraduate degrees in
business.
The Business School offers post-graduate degrees, contributes to a Joint Honours
programme with selected science departments, and offers a BSc pathway for the Medical
School. We also contribute service teaching to undergraduate programmes in most
departments of the College and to some post-graduate programmes.
1.3.5
Imperial College Funding
In 2007-08 the breakdown of College income was:
17%
31%
46%
6%
1.3.6
Tuition fees
Funding Council Grants
Research Income
Other
Position in the Environment: Rankings
The UK does not have an official system of university rankings. The College is nevertheless
subject to many unofficial rankings, and it is consistently ranked as one of the top
universities, both globally and in the UK. It regards itself as an international institution. Our
positions in recent global and national rankings are as follows:
(i)
Global Rankings
Times Higher Education Supplement World University Rankings October 2008:
2nd in Europe and 7th in the world for engineering and information technology
3rd in Europe and 11th in the world for life sciences and biomedicine
3rd in Europe and 14th in the world for natural science
3rd in Europe and 6th in World overall
Other international rankings have placed us 17th in the world (Newsweek, 2006) and 27th in
the world and 5th in Europe (Shanghai Jiao Tong University, 2008).
(ii)
UK Media League Tables
The Times Good University Guide
3rd overall (August 2008)
The Sunday Times University Guide
3rd overall (September 2008)
The Daily Telegraph University league table 3rd overall (July 2007)
The Guardian University Guide
6th overall (May 2008)
1.4
1.4.1
Governance
College Governance
The College is an independent corporation whose legal status derives from a Royal Charter
granted in 2008. Its objects, powers and framework of governance are set out in the Charter
and Statutes, which were granted by Her Majesty the Queen.
The Charter and Statutes require the College to have three separate bodies, each with
clearly defined functions and responsibilities, to oversee and manage its activities as follows:
(i)
The Council
The Council is ‘the governing and executive body of the College’, and is responsible for the
finance, property, investments and general business of the College, and for setting its
general strategic direction. There are 19 members of the Council, the majority of whom are
lay members, including the Chairman and Deputy Chairman. Also included in its
membership are representatives of the staff of the College and of the student body.
The Council is responsible for the College’s system of internal control and for reviewing its
effectiveness.
The Council meets at least four times a year and has two committees: the Audit Committee
and the Remuneration and Nominations Committee, which are formally constituted as
committees of the Council with written terms of reference and specified membership,
including a significant proportion of lay members. All are chaired by lay members of the
Council. The decisions of both of these committees are formally reported to the Council.
(ii)
The Court
The Court is a large, mainly formal body. It offers a means whereby the wider interests
served by the College can be associated with it, and provides a public forum where
members of the Court can raise any matters about the College. The Court normally meets
once a year to receive the College’s Annual report and audited Financial Statements. In
addition, major changes to the College’s constitution require the approval of the Court before
they can be submitted to the Privy Council. The Court consists of some 160 members, most
of whom are from outside the College and appointed by appropriate bodies representing
educational, research, international, regional and local interests. Its membership also
includes representatives of the College’s staff and students.
(iii)
The Senate
The Senate is the academic authority of the College and draws its membership entirely from
the academic staff and the students of the College. Its role is to direct and regulate the
teaching and research work of the College.
1.4.2
Academic Governance
The following committees report to Senate:
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Quality and Academic Review Committee
Recruitment and Admission Policy Committee
Graduate School of Life Science and Medicine Committee
Graduate School of Engineering and Physical Sciences Committee
Engineering Studies Committee
Medical Studies Committee
Science Studies Committee
1.4.3
Management Structure
The Rector, Professor Sir Roy Anderson is the principal academic and administrative officer
of the College. He is supported by a Management Board comprising the Rector, the Senior
Principal, the Principals of the Faculties and the Business School, the Chief Financial
Officer, the Director of Strategy and Planning, the Pro-Rectors, the College Secretary and
the Managing Director of the Imperial College Healthcare Trust.
Academically, Imperial is divided into the Business School and three Faculties:
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Engineering
Medicine
Natural Sciences
Department Heads report to the Faculty Principals.
The Rector is assisted by a Senior Principal and by three Pro-Rectors for:
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Development and Corporate Affairs
Educational Quality
International Affairs
In addition, the College has a system of Deans - full-time Professors elected for 3 years by
colleagues as a conduit for academic opinion. They sit on appointment and promotion
panels and chair key academic committees; take an interest in student matters; and one of
their number represents academic staff on the College Council.
The College has a system of management committees. Senate (academic oversight) and
Management Board (executive responsibility) both report to Council of governors. Strategic
Education and Strategic Research committees report to the Imperial Management Board.
The delegation of responsibility for teaching quality is described in detail later in this Chapter.
1.5
1.5.1
The Business School
Introduction
The Business School sits in an equivalent position to a Faculty. The Principal Professor,
David Begg, reports to the Rector. As Principal, he sits on the College Council, College
Management Board and on Senate. He chairs or is a member of major College Committees
such as the Strategic Research Committee, the College Fund Committee, the Portfolio
Review Board for capital projects and the Diversity and Equality Committee. Similarly, the
Deputy Principal of the School, Professor Dorothy Griffiths, acts as a Faculty Deputy
Principal and has a pan-College role.
1.5.2
School Governance
The School currently has 60 academic staff (full time, part time and teaching fellows), 17
research staff and 67 operations staff. The Principal is supported by a Deputy Principal.
The academic staff are divided into four Groups:
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Healthcare Management
Finance and Accounting
Innovation & Entrepreneurship
Organisation & Management
These Groups are responsible for:
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The allocation of teaching and marking
The allocation of funds for conference attendance and related activities
The intellectual life of the Group: seminars, academic visitors and doctoral students.
The mentoring and development of new faculty
The School as a whole meets termly. The Principal has an international Advisory Board
chaired by Iain Conn, an Executive Director of BP. The membership (with the exception of
the Principal, Deputy Principal and Director of Operations) is entirely external senior
representatives from private and public sector organisations. School strategy is managed by
its Management Board which meets monthly and receives reports from major committees Programme & Quality Committee (chaired by the Deputy Principal/Head of Programmes);
Research Committee (chaired by the Director of Research); the Operations Committee
(chaired by the Director of Operations); and Finance Committee (chaired by the Principal).
The Health and Safety Committee reports directly to Professor Begg as Head of the
School.
The Advisory Board meets termly. It has no executive authority. It provides advice, challenge
and insight on School strategy and direction, it monitors the identification and achievement
of key performance metrics and it provides a corporate and international voice in our
governance.
We do review the structure of the School to ensure that it remains fit for its purpose. In 2008
we decided to create a separate Healthcare Management Group. This reflected our growing
strength in this area and our desire to signal our commitment to this area more clearly to the
College. We undertook a major restructure of our marketing function in 2008. A new Director
of Operations joined us in March 2009. One of his first tasks will be to review the current
structure of our operations teams.
1.5.3
School Funding
The School obtains funding from a number of sources, the most important of which is the
Imperial College based ‘vote formula’ which recognises:
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Research performance and research grant income
Quantity of undergraduate teaching undertaken
Numbers of post-graduate students
Difference between College fees and Premium fees (all Business School taught
Masters Programmes charge premium fees).
The College has an annual planning Planning Round, in which Faculties and the Business
School discuss their forward plans. Once agreed by Imperial, the School has discretion over
the allocation and management of its financial resources.
Other sources of funding include:
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Overheads on Research Grants
Income from Executive Education
Premium fees
In addition, the College holds, centrally, a Strategic Investment Fund (SIF) to fund new
initiatives. Bids are made to this on an annual basis. Successful bids by the School are
described along with school finances in Chapter 8, Resources.
The School reports to the College monthly on its financial situation. Our financial year runs
from August to July. We reforecast in January at the six month point.
1.6
Summary of School History
1987:
Departments of Management Science and of Social and Economic Studies merged
to form The Management School. Professor David Norburn appointed as Director.
1989:
Executive MBA launched.
1990:
Pre-existing Masters of predecessor departments closed. Full time MBA launched.
Centre for Quantitative Finance established.
1991:
Joint Honours Programme launched with some science Departments.
1994:
MBA Programme launched in Singapore.
1995:
Win bid to become the London supplier of MBA Programme to the UK Civil Service.
1996:
MSc Finance launched.
1997:
BSc Pathway in Management launched in the Medical School.
2000:
MSc International Health Management launched.
2001:
Entrepreneurship Centre launched.
2002:
Innovation Studies Centre and Centre for Health Management established. Distance
Learning MBA launched.
2003:
College rebrands: Management School becomes the Business School. Professor
Norburn retires. Professor David Begg appointed as Principal reporting to the
Rector, major transformation begun. In the next five years 80% of the Faculty in post
will have left, the culture will have been transformed, the programme portfolio
reviewed, the School restructured, executive education begun, and new Values,
Mission and Strategy identified.
2004:
School renamed Tanaka Business School.
2005:
Singapore MBA closed. MSc Management launched. Redesigned MBA launched.
2006:
Part-time MSc Risk Management and Financial Engineering launched. Weekend
Executive MBA launched.
2007:
Full time MSc Risk Management and Financial Engineering launched. Part-time,
sponsored MSc Actuarial Finance launched.
2008:
School renamed Imperial College Business School. School ranked second after LBS
in UK Research Assessment Exercise. Part-time MSc Risk Management closed.